Borsa Italiana is responsible for the organisation and management of the Italian stock exchange. The Company, founded in 1997 following the privatisation of the exchange, has been operational since January 2nd, 1998. Borsa Italiana is now part of the London Stock Exchange Group, following the merger effective October 1, 2007. Borsa Italiana's primary objective is to ensure the development of its markets, maximising their liquidity, transparency and competitiveness while pursuing high levels of efficiency. Main responsibilities of Borsa Italiana are to: oversee transaction activities; define the rules and procedures for admission and listing on the market for issuing companies; define the rules and procedures for admission for intermediaries; supervise listed companies' disclosure.